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Federal Reserve Bank of Cleveland
Economic Commentary
Bank notes and stored-value cards: stepping lightly into the past
William P. Osterberg
James B. Thomson
Abstract

Like the bank notes that circulated in this country from 1863 to 1913, stored-value cards substitute the liabilities of private banks for government and central-bank liabilities. This shift may have important implications for the federal budget, the money supply, and monetary policy.


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William P. Osterberg & James B. Thomson, "Bank notes and stored-value cards: stepping lightly into the past" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Sep, 1998.
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Keywords: Smart cards ; Money ; Monetary policy
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